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Econ Final Review #2

Quiz by Micheal Rubosky

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25 questions
Show answers
  • Q1
    The essential difference between a command economy and a market economy is that in a market economy __________.
    the prices of products and resources are largely determined by government regulation of businesses
    buyers and sellers determine resource allocation
    central planning creates an effective incentive system for consumers and producers
    shortages occur more often than surpluses
    30s
  • Q2
    Which is a basic economic question that must be answered by all economic systems?
    How will goods and services be produced?
    What will be the amount of the minimum wage for workers?
    What will be the share of profits that go to businesses?
    How will the government collect income taxes?
    30s
  • Q3
    A basic role of entrepreneurs in the economy is to __________.
    show government what new products the economy can produce and sell
    buy and sell the common stocks of new corporations
    create dividends for investors in new businesses
    take the risks associated with starting new businesses
    30s
  • Q4
    Which would most likely increase the productivity of labor?
    An increase in capital investment.
    A decrease in the pay of corporate executives.
    An increase in interest rates for business loans.
    A decrease in the use of labor-saving technology
    30s
  • Q5
    Jess sells candles. She tracks the different prices people are willing and able to pay for the same kind of candle. Only one person wanted the candle for $8. This is an example of __________.
    Quantity
    Quality
    quantity demanded
    diminishing marginal utility
    30s
  • Q6
    A box of 6 fruit bars costs $3, which is 50 cents a bar. A box of 36 fruit bars costs $6, which is 17 cents a bar. Consumers pay less when they buy in bulk because of which economic concept?
    supply
    diminishing marginal utility
    demand price signals
    opportunity cost
    30s
  • Q7
    The United States economy is best described as __________.
    a command economy
    a traditional economy
    a mixed economy with market and government elements
    a pure market economy without government regulation
    30s
  • Q8
    Which of the following is a way in which private property supports economic growth?
    it prevents improvements to property
    na
    it discourages recycling
    it makes ownership valuable
    30s
  • Q9
    Which of the following is an example of the rule of law in economics?
    benefits are based on the size of the company
    the oldest members have more advantages
    level of revenue determines which rules have to be obeyed
    all market members follow the same rules
    30s
  • Q10
    Even when a country has __________ in producing everything, it still makes sense to __________ and produce those goods and services in which it has __________. If it does, more output can be produced.
    no advantage; monopolize; absolute advantage
    comparative advantage; monopolize; absolute advantage
    absolute advantage; specialize; comparative advantage
    absolute advantage; specialize; no advantage
    30s
  • Q11
    Managers, technical trainers, and accountants are examples of a company’s __________.
    capital resources
    natural resources
    human resources
    all of the above
    30s
  • Q12
    Which of the following statements is true about investments in physical and human capital?
    They create little or no opportunity costs or economic risks for companies.
    They require short-term costs in exchange for improved long-term results.
    They reduce employment opportunities and standards of living.
    They require productivity losses in exchange for reduced upfront costs.
    30s
  • Q13
    Which of the following is true about the financial markets?
    They require close government supervision in order to set fair price
    Individual savers can seldom participate in them.
    They help businesses invest in new capital resources.
    They are not important for the economy's growth.
    30s
  • Q14
    Which the following statements are true about how technology advancement stimulates economic growth?
    Businesses produce goods and services faster, better, or cheaper.
    More inputs are required to get equal or greater outputs.
    all of the above
    Fewer outputs mean better quality of life for consumers.
    30s
  • Q15
    Which of the following are reasons the government decides to tax?
    to support the functions of the government
    to encourage particular religions
    to alter the level of economic activity
    to encourage activities the government believes to be harmful
    30s

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